Wednesday, July 19, 2017

Knowledge (and Hash Rate) is Power!

Although every month is an interesting month for Bitcoin, this one is ever more so. In occasional posts, I generally focus on the increasing value. Today each bitcoin is the equivalent to about $US 2315.00 but I'm focused on another aspect of the technology.

The field of cryptocurrency seems like something dropped on earth by aliens. It is a fantastic, nearly otherworldly, use of mathematics. Yet, human factors play just as important a role as with any other human endeavor. Bitcoin has been an ultimate test in technology and human interaction.

For a few years, there have been disputes on how to best scale the system. Having no centralized control means that changes must be agreed upon by participants. Of course, you know how very, very wrong an election can go! This one is not turning out how I'd like either.